- It’s a Global Gold Rush! Worried central banks snap up £13Billion Hoard Amid Growing Fears of Global Volatility
by JOANNE HART FOR THE MAIL ON SUNDAY, via https://www.thisismoney.co.uk/ , 7 Oct 2018
Central banks across the world are hoarding gold amid growing fears about global volatility and a possible downturn for financial markets. They have snapped up almost 275 tons of gold this year alone – 8 per cent ahead of 2017 – at a cost of more than £13 billion. Many national banks have been returning to the market for the first time in years. India bought eight tons, its first purchase since 2009.
Poland bought nine tons during the summer, its largest buy since 1998. And Egypt acquired gold for the first time since 1978. Investors often buy gold to protect against falling stock markets and rising inflation. John Meyer, of brokers SP Angel, said: ‘Now is a good time to buy gold, not least because President Donald Trump’s unpredictability makes the world a more uncertain place.